Pending Sales Slip

From CNN/Money:

Pending sales of existing homes fall in September, as latest reading from Realtors shows continued slump.

The pace of existing home sales continue to slip in the latest reading of real estate market strength from an industry trade group. The National Association of Realtors’ pending home sales index slipped 1.1 percent in September, to a reading of 109.1, the group reported Wednesday.

A reading of 100 represents where the market was in 2001, before the home sales boom of the last few years. The index was down 13.6 percent from the sales pace of September 2005.

Every region in the nation, other than the Midwest, showed a slowdown in sales in the most recent month. Still the trade group said the index was still at historically high levels.